This article is also available in Spanish.
Despite the recent price decline of Neiro (NEIRO), analysts and investors appear to be optimistic about Memecoin. Some market observers have noted the cryptocurrency’s potential and suggested levels to watch ahead of the next bull rally.
Related Reading
Neiro confirmed the weekly adjustment of 10%.
Neiro made headlines three months ago after becoming an overnight sensation on the Ethereum network. Memecoin is inspired by Dogecoin’s inspired sister, Kabosu.
The cryptocurrency posted an impressive performance during October, rising 30% month-to-date (MTD). Moreover, the token has shown an impressive rise towards its all-time high (ATH) of $0.0022 two weeks ago, soaring 4,600% in 30 days.
Memecoin’s bullish momentum has also boosted its market capitalization (MC) near $1 billion, reaching $935 million MC on October 15, sparking bullish sentiment among market observers.
However, Neiro’s price has fallen to 31.5% below ATH since the most recent rebound. The Shiba Inu-themed memecoin fell 10.3% last week, hovering between the $0.00132-$0.00170 price range.
Despite the price decline, analysts and investors remain positive on the cryptocurrency. Crypto Tony noted that Memecoin is another token that has been “looking really good” since its bullish momentum began in mid-September.
The analyst pointed to Neiro’s potential, suggesting that a slight pullback from recent levels could be a good entry point for investors ahead of the upcoming rally.
Is it $0.0020 or $0.0010 next?
According to trader CryptoBull360, after the all-time highs, the cryptocurrency charts trended lower and formed an extending wedge pattern on lower time frames. Market observers pointed out that a successful break above the upper trend line could trigger a 25-30% bullish rally for the token.
Another trader suggested that Neiro’s “chart situation is messy.” The trader said the token needs to break above the $0.00165 mark to continue its bullish trajectory and regain its ATH level.
However, if Neiro is rejected instead, the token could see a 30% correction towards the $0.0010 support area. The $0.00165-$0.00170 price range represents an important area of consolidation before the token surges towards ATH.
On Monday morning, the price of Neiro surged 13.3% towards the $0.00170 resistance level. The token moved above the upper trendline of the pattern, signaling a breakout of its bi-weekly downtrend.
Related Reading
Nonetheless, the token was unable to hold above the key resistance level and fell back towards the $0.00154 support area. Sjuul, a cryptocurrency analyst at AltCryptoGems, suggested that memecoin’s recent performance has been better than expected.
The analyst believes that after a “long-term maneuver” and recovering the $0.00150 level over the weekend, Neiro is ready to move towards higher resistance levels and target the potentially important $0.0020 point again.
As of this writing, Neiro is trading at $0.00151, down 4% on a daily basis.
Featured image from Unsplash.com, chart from TradingView.com